Posts Tagged payroll tax reporting

Indiana Small Businesses Getting Some Relief

It’s a great feeling to share some good news for employers! The entrepreneurs who supply jobs to the community display courage and leadership every day and now they are set to get some small business love. (more…)

Posted in: News, Payroll, Payroll Processing, Payroll Taxes

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2015 Indiana Tax Amnesty Program: Is Your Business Eligible?

Do you or your small business owe taxes to the state of Indiana? You may be in luck. Beginning September 15, 2015, Hoosier taxpayers can apply for Indiana’s 2015 Tax Amnesty program, which offers both individuals and businesses a limited-time opportunity to pay past-due taxes free of penalty, interest and collection fees. About 40 different tax types are eligible for tax amnesty, including individual and corporate income tax, sales and use tax, inventory tax, and withholding tax. (more…)

Posted in: IRS and Tax forms, Operating a Small Business, Payroll, Payroll Taxes

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What Happens When YOU Get a Letter From the IRS?

What happens when you pick up the mail and there is an envelope from the IRS? Entrepreneurs and small business owners in every stage of development open it immediately. Those three letters definitely promote that piece of mail to priority status. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes

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Are You Following the Federal Labor Standards Act?

Does your small business have to comply with the rules and regulations under the Fair Labor Standards Act? Well, of course, but which parts apply to your business and YOUR payroll?

Businesses considered covered enterprises, according to the U.S. Dept. of Labor’s Handy Reference Guide to the Fair Labor Standards Act, are those who employ “workers engaged in interstate commerce, producing goods for interstate commerce, or handle selling, or otherwise working on goods or materials that have been moved in or produced for such commerce by any person.”

For instance, under the Basic Wage Standards provisions, employees are entitled to a minimum wage of $7.25 per hour (effective June 24, 2009). However, some special provisions apply to workers in American Samoa and the Commonwealth of the Northern Marianna Islands.

34218984_sIn addition, nonexempt workers must be paid overtime at a rate of no less than one and one-half times their regular rates of pay after 40 hours of work in a workweek.

So then we have to ask, what defines a nonexempt worker?

To understand the Handy Guide, it might be better to ask who is an exempt worker? Now that includes a wide variety of workers when it comes to minimum wage and overtime pay, not limited to:

  • Executive, administrative, and professional employees
  • Outside sales employees
  • Employees in certain computer-related occupations
  • Employees of certain seasonal amusement or recreational establishments
  • Employees of certain small newspapers, fishing operations, or those engaged in newspaper delivery

There is a grey area covered by the word “certain” that makes entrepreneurs shiver.

When you are concerned with overtime pay only, there is another entire list and there is also a provision for those workers who fall under the category of “partial exemptions.”

Once you determine who does and who does not qualify for overtime pay, there is another section dedicated to computing overtime pay. It depends on how that person is paid – by the hour, by the piece or by salary. And, if salaried, you must consider if the employee is paid weekly or otherwise.

Yes, if you make a mistake or overlook something in your payroll, there are provisions in the Act for Enforcement and prosecution. Investigation, legal remedies, litigation and criminal procedures are outlined in the Act. And, as a final note, there are provisions in the Handy Guide to remind you that there are a number of other labor laws that require employer’s compliance.

The point is, simply, that every employer must comply with federal (and state) rules and regulations and IT IS COMPLEX and COMPLICATED. And, as we all know, it changes and you have new laws to understand and implement.

That is one of the reasons so many small business owners outsource payroll. The thought of making an error and being directed to those enforcement provisions is frightening. Business owners are focused on getting customers, getting work done and keeping employees and customers happy in the workplace.

The Payroll Department allows you to do what you need to do to keep the business running. We take care of accurately reporting and making deposits for payroll taxes to the government.

It’s a good arrangement.

-Elaine of The Payroll Department Blog Team

Posted in: HR Rules, Regulations and Laws, IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes, Rules, Regulations and Laws

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Big or Small – Outsourcing Payroll Makes Sense for Business

In a recent from Shared Services and Outsourcing article about outsourcing global payroll, this remark jumped out at me: (more…)

Posted in: IRS and Tax forms, Operating a Small Business, Payroll, Payroll Processing, Rules, Regulations and Laws

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Do You Need a New Form W-4 Every Year?

Possibly. A Form W-4 remains in effect until an employee gives you a new one – except when an employee claims to be exempt from income tax withholding. It can be confusing, which is why so many small business owners choose to outsource their payroll to payroll services. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Taxes

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Did Your 1099s Get Out on Time?

Oh, those pesky deadlines. Doesn’t the government realize that you, as a small business owner or solopreneur, have a million things on your plate all the time? You know in your head that doesn’t matter, a workplace deadline for employee tax reporting has to be met. But… (more…)

Posted in: IRS and Tax forms, Operating a Small Business, Payroll, Payroll Taxes

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Proposed Payroll Tax Reporting Deadline Change Puts Pressure on Employers

Included in President Obama’s proposed 2015 fiscal year budget, there is a provision to accelerate the deadline for employers to deliver end-of-year W-2 tax forms to the federal government. The deadline for delivery of forms to employees is currently January 31st and then reported to the Social Security Administration (SSA) the last of February (March 31st for electronic filing) each year. What does it mean for employers if that reporting date is moved up to January 31 every year? (more…)

Posted in: IRS and Tax forms, News

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Outsourcing Payroll is One Way to Demonstrate Responsible Leadership for Entrepreneurs

While her friend, Jasmin, poured her heart out to her, Olga sat quietly behind her desk. She was being a good friend by listening so intently. She was being an even better friend by biting her tongue instead of saying, “I told you so.” Jasmin began to sob as she explained that she was now in trouble with the IRS. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes, Rules, Regulations and Laws

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Is Payroll a Ticking Time Bomb in Your Business?

At one time or another, every small business owner begins to feel like a circus juggler. Before they call on The Payroll Department, they try to stay in the know about employee training and performance, customer service, production and cash flow. For those entrepreneurs who are just starting out, they find themselves serving as the office decorator, plumber and housekeeping crew. (more…)

Posted in: IRS and Tax forms, Payroll, Payroll Processing, Payroll Taxes

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